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Retirement incentives in Belgium: estimations and simulations using SHARE data

  • alain Jousten
  • Mathieu Lefebvre

The paper studies retirement behavior of wage-earners in Belgium for the first time using rich survey data to explore retirement incentives as faced by individuals. Specifically, we use SHARE data to estimate a model à la Stock and Wise (1990). Exploring the longitudinal nature of SHARELIFE, we construct measures of financial and non financial incentive. Our analysis explicitly takes into account the different take up rates of the various early retirement exit paths across time and ages. The results show that financial incentives play a strong role. Health and education also matter, as does regional variation though the latter in an unexpected way. A set of policy simulations illustrate the scope and also the limits associated with selective parametric reforms

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Paper provided by Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège in its series CREPP Working Papers with number 1303.

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Date of creation: 2013
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Handle: RePEc:rpp:wpaper:1303
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  1. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September.
  2. Raphael Desmet & Alain Jousten & Sergio Perelman & Pierre Pestieau, 2007. "Microsimulation of Social Security Reforms in Belgium," NBER Chapters, in: Social Security Programs and Retirement around the World: Fiscal Implications of Reform, pages 43-82 National Bureau of Economic Research, Inc.
  3. Pierre Pestieau & Mathieu Lefèbvre & Alain Jousten & Sergio Perelman, 2008. "The Effects of Early Retirementon Youth Unemployment; The Case of Belgium," IMF Working Papers 08/30, International Monetary Fund.
  4. Arie Kapteyn & James P. Smith & Arthur van Soest, 2009. "Work Disability, Work, and Justification Bias in Europe and the U.S," Working Papers 200946, Geary Institute, University College Dublin.
  5. Dellis, Arnaud & Jousten, Alain & Perelman, Sergio, 2001. "Micro-Modelling of Retirement in Belgium," CEPR Discussion Papers 2795, C.E.P.R. Discussion Papers.
    • Arnaud Dellis & Raphaël Desmet & Alain Jousten & Sergio Perelman, 2004. "Micro-Modeling of Retirement in Belgium," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 41-98 National Bureau of Economic Research, Inc.
  6. Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2010. "Disability in Belgium: there is more than meets the eye," CREPP Working Papers 1006, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège.
    • Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2012. "Disability in Belgium: There Is More Than Meets the Eye," NBER Chapters, in: Social Security Programs and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participatio, pages 251-276 National Bureau of Economic Research, Inc.
  7. Cremer, Helmuth & Lozachmeur, Jean-Marie & Pestieau, Pierre, 2009. "Use and misuse of unemployment benefits for early retirement," European Journal of Political Economy, Elsevier, vol. 25(2), pages 174-185, June.
  8. Frank van Erp & Niels Vermeer & Daniel van Vuuren, 2013. "Non-financial determinants of retirement," CPB Discussion Paper 243, CPB Netherlands Bureau for Economic Policy Analysis.
  9. Adriaan Kalwij & Frederic Vermeulen, 2008. "Health and labour force participation of older people in Europe: What do objective health indicators add to the analysis?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 619-638.
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